Lightwave Logic (LWLG) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40766
Entity Registrant Name	Lightwave Logic, Inc.
Entity Central Index Key	0001325964
Entity Tax Identification Number	82-0497368
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	369 Inverness Parkway
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	340-4949
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LWLG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,886,949

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 30,876,646	$ 24,102,151
Prepaid expenses and other current assets	563,023	611,345
Loan receivable		642,120
TOTAL CURRENT ASSETS	31,439,669	25,355,616
PROPERTY AND EQUIPMENT - NET	3,597,111	2,519,267
OTHER ASSETS
Intangible assets - net	1,182,693	1,030,335
Operating Lease - Right of Use - Building	2,884,544	358,254
TOTAL OTHER ASSETS	4,067,237	1,388,589
TOTAL ASSETS	39,104,017	29,263,472
CURRENT LIABILITIES
Accounts payable	429,520	791,671
Accrued expenses	121,134	380,280
Accounts payable and accrued expenses - related parties	91,612	100,169
Deferred revenue	50,000
Deferred lease liability	41,778	41,778
Operating lease liability	138,434	190,125
TOTAL CURRENT LIABILITIES	872,478	1,504,023
LONG TERM LIABILITIES
Deferred lease liability	6,963	38,297
Operating lease liability	2,804,357	168,129
TOTAL LONG TERM LIABILITIES	2,811,320	206,426
TOTAL LIABILITIES	3,683,798	1,710,449
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 1,000,000 authorized, No shares issued or outstanding
Common stock $0.001 par value, 250,000,000 authorized, 116,683,977 and 112,882,793 issued and outstanding at September 30, 2023 and December 31, 2022	116,684	112,883
Additional paid-in-capital	158,731,989	134,406,825
Deferred compensation	(496,737)	(133,324)
Accumulated deficit	(122,931,717)	(106,833,361)
TOTAL STOCKHOLDERS' EQUITY	35,420,219	27,553,023
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 39,104,017	$ 29,263,472

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	116,683,977	112,882,793
Common stock, shares outstanding	116,683,977	112,882,793

STATEMENTS OF COMPREHENSIVE LOS

STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
NET SALES
COST AND EXPENSE
Research and development	4,040,941	3,587,692	12,006,758	8,994,047
General and administrative	1,345,335	1,144,624	3,879,515	3,017,191
TOTAL COST AND EXPENSE	5,386,276	4,732,316	15,886,273	12,011,238
LOSS FROM OPERATIONS	(5,386,276)	(4,732,316)	(15,886,273)	(12,011,238)
OTHER INCOME (EXPENSE)
Interest income	246,987	29,125	403,960	57,545
Commitment fee	(25,302)	(73,170)	(607,728)	(181,027)
Other Expense		(27,022)	(8,315)	(27,022)
NET LOSS	$ (5,164,591)	$ (4,803,383)	$ (16,098,356)	$ (12,161,742)
LOSS PER SHARE
Basic	$ (0.04)	$ (0.04)	$ (0.14)	$ (0.11)
Diluted	$ (0.04)	$ (0.04)	$ (0.14)	$ (0.11)
WEIGHTED AVERAGE NUMBER OF SHARES
Basic	116,491,837	112,111,706	114,899,056	111,536,100
Diluted	116,491,837	112,111,706	114,899,056	111,536,100

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Deferred Compensation, Share-Based Payments [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 110,556	$ 114,696,597		$ (89,602,881)	$ 25,204,272
Beginning balance, shares at Dec. 31, 2021	110,555,459
Common stock issued to institutional investor	$ 1,325	10,707,968			10,709,293
Common stock issued to institutional investor, shares	1,325,000
Common stock issued for commitment shares	$ 19	181,008			181,027
Common stock issued for commitment shares, shares	19,672
Exercise of options	$ 268	229,672			229,940
Exercise of options, shares	268,200
Cashless exercise of 4,375 options	$ 3	35,015			35,018
Cashless exercise of options, shares	2,596
Exercise of warrants	$ 175	240,575			240,750
Exercise of warrants, shares	175,000
Options issued for services		4,288,172			4,288,172
Restricted stock awards issued for future services	$ 29	274,995	(275,024)
Restricted stock awards issued for future services, shares	28,500
Deferred compensation			67,467		67,467
Net loss				(12,161,742)	(12,161,742)
Ending balance, value at Sep. 30, 2022	$ 112,375	130,654,002	(207,557)	(101,764,623)	28,794,197
Ending balance, shares at Sep. 30, 2022	112,374,427
Beginning balance, value at Jun. 30, 2022	$ 111,888	125,040,332	(231,803)	(96,961,240)	27,959,177
Beginning balance, shares at Jun. 30, 2022	111,887,124
Common stock issued to institutional investor	$ 450	4,003,150			4,003,600
Common stock issued to institutional investor, shares	450,000
Common stock issued for commitment shares	$ 7	73,163			73,170
Common stock issued for commitment shares, shares	7,353
Exercise of options	$ 30	47,735			47,765
Exercise of options, shares	29,950
Options issued for services		1,489,622			1,489,622
Deferred compensation			24,246		24,246
Net loss				(4,803,383)	(4,803,383)
Ending balance, value at Sep. 30, 2022	$ 112,375	130,654,002	(207,557)	(101,764,623)	28,794,197
Ending balance, shares at Sep. 30, 2022	112,374,427
Beginning balance, value at Dec. 31, 2022	$ 112,883	134,406,825	(133,324)	(106,833,361)	27,553,023
Beginning balance, shares at Dec. 31, 2022	112,882,793
Common stock issued to institutional investor	$ 2,750	16,061,159			16,063,909
Common stock issued to institutional investor, shares	2,750,400
Common stock issued for commitment shares	$ 100	607,628			607,728
Common stock issued for commitment shares, shares	99,407
Common stock sales at the market by investment banking company	$ 172	1,378,302			1,378,474
Common stock sales at the market by investment banking company, shares	172,115
Exercise of options	$ 504	466,820			467,324
Exercise of options, shares	504,408
Exercise of warrants	$ 169	164,581			164,750
Exercise of warrants, shares	169,000
Options issued for services		5,085,114			5,085,114
Restricted stock awards issued for future services	$ 106	561,560	(561,666)
Restricted stock awards issued for future services, shares	105,854
Deferred compensation			198,253		198,253
Net loss				(16,098,356)	(16,098,356)
Ending balance, value at Sep. 30, 2023	$ 116,684	158,731,989	(496,737)	(122,931,717)	35,420,219
Ending balance, shares at Sep. 30, 2023	116,683,977
Beginning balance, value at Jun. 30, 2023	$ 116,185	154,946,488	(519,466)	(117,767,126)	36,776,081
Beginning balance, shares at Jun. 30, 2023	116,184,724
Common stock issued to institutional investor	$ 175	1,113,325			1,113,500
Common stock issued to institutional investor, shares	175,000
Common stock issued for commitment shares	$ 4	25,298			25,302
Common stock issued for commitment shares, shares	3,777
Common stock sales at the market by investment banking company	$ 97	734,848			734,945
Common stock sales at the market by investment banking company, shares	97,115
Exercise of options	$ 198	160,825			161,023
Exercise of options, shares	198,123
Exercise of warrants	$ 19	14,231			14,250
Exercise of warrants, shares	19,000
Options issued for services		1,695,310			1,695,310
Restricted stock awards issued for future services	$ 6	41,664	(41,670)
Restricted stock awards issued for future services, shares	6,238
Deferred compensation			64,399		64,399
Net loss				(5,164,591)	(5,164,591)
Ending balance, value at Sep. 30, 2023	$ 116,684	$ 158,731,989	$ (496,737)	$ (122,931,717)	$ 35,420,219
Ending balance, shares at Sep. 30, 2023	116,683,977

STATEMENT OF STOCKHOLDERS' EQ_2

STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical)	9 Months Ended
	Sep. 30, 2022 shares
Statement of Stockholders' Equity [Abstract]
Cashless exercise of options	4,375

STATEMENTS OF CASH FLOW (UNAUDI

STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (16,098,356)	$ (12,161,742)
Adjustments to reconcile net loss to net cash used in operating activities
Stock options issued for services	5,085,114	4,288,172
Amortization of deferred compensation	198,253	67,467
Cashless option exercise		53,219
Common stock issued for services and fees	607,728	181,027
Depreciation and amortization of patents	797,500	758,285
Amortization of right of use asset	138,502	132,556
Loss on disposal of property and equipment	581
(Increase) decrease in assets
Prepaid expenses and other current assets	87,058	(414,766)
(Decrease) increase in liabilities
Accounts payable	(362,151)	367,048
Accrued expenses	(259,146)	(1,004,081)
Accounts payable and accrued expenses- related parties	(8,557)	131,368
Deferred revenue	50,000
Deferred lease liability	(31,334)	(31,334)
Operating lease liability	(118,990)	(132,556)
Net cash used in operating activities	(9,913,798)	(7,765,337)
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of intangibles	(215,061)	(47,705)
Purchase of property and equipment	(1,813,813)	(1,171,530)
Loan repayment	642,120	(588,180)
Sale of property and equipment	590
Net cash used in investing activities	(1,386,164)	(1,807,415)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of options and warrants	632,074	470,690
Cashless option exercise tax payments		(18,201)
Issuance of common stock, institutional investor	16,063,909	10,709,293
At the market sale by investment banking company	1,378,474
Net cash provided by financing activities	18,074,457	11,161,782
NET INCREASE IN CASH AND CASH EQUIVALENTS	6,774,495	1,589,030
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	24,102,151	23,432,612
CASH AND CASH EQUIVALENTS - END OF PERIOD	30,876,646	25,021,642
Supplemental Disclosure of Non-cash investing and financing activities:
Amended Operating Lease - Right of Use - Building and Operating lease liability	$ 2,703,527

NATURE OF BUSINESS AND SUMMARY

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1- NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the “Company”). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Significant Accounting Policies included in the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 1, 2023 (the “2022 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the 2022 Annual Report. The interim operating results for the three and nine months ending September 30, 2023 may not be indicative of operating results expected for the full year. Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and electro-optic polymer materials systems for applications in high speed fiber-optic data communications, telecommunications and optical computing markets. The Company's first revenue stream is from a technology material supply and licensing agreement that incorporates the Company's patented electro-optic polymer materials for use in manufacturing photonic devices. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain additional revenue from material supply and licensing agreements, technology transfer agreements and the production and direct sale of its own photonic devices. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development. Revenue Recognition In accordance with FASB ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue upon transfer of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of FASB ASC 606, the Company performs the following five steps: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue as (or when) the performance obligations are satisfied. For product sales, revenue will be recognized at a point in time when the product is shipped or is delivered to the customer’s location. For services performed, revenue will be recognized at a point in time when the service is performed. However, for certain contracts, revenue will be recognized over time as the customer simultaneously receives and consumes the benefits of performance as the Company performs the service. For license agreements, each contract is reviewed to determine the portion of the revenue recognition at the point in time that the license is transferred to the customer and the portion of the revenue recognition to be recognized over time. Stock-based Payments The Company accounts for stock-based compensation under which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (the “2018 Update). The amendments in the 2018 Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Prior to the 2018 Update, Topic 718 applied only to share- based transactions to employees. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for forfeiture of stock-based awards as they occur. Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2023 and 2022, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same. Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income (Loss).” Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss). Recently Issued Accounting Pronouncements Not Yet Adopted As of September 30, 2023, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements. Recently Adopted Accounting Pronouncements As of September 30, 2023 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements. Reclassifications Certain reclassifications have been made to the 2022 financial statement in order to conform to the 2023 financial statement presentation.

MANAGEMENT_S PLANS

MANAGEMENT’S PLANS	9 Months Ended
	Sep. 30, 2023
Managements Plans
MANAGEMENT’S PLANS	NOTE 2 – MANAGEMENT’S PLANS Our future expenditures and capital requirements will depend on numerous factors, including: the progress of our research and development efforts; the rate at which we can, directly or through arrangements with original equipment manufacturers, introduce and sell products incorporating our polymer materials technology; the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; market acceptance of our products and competing technological developments; and our ability to establish cooperative development, joint venture and licensing arrangements. We expect that we will incur approximately $ 1,750,000 30,000,000 876,250 16,907,148 35,000,000 33,578,860 incorporates the Company's patented electro-optic polymer materials for use in manufacturing photonic devices

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	NOTE 3 – REVENUE The Company's first commercial agreement occurred in May 2023, the form of a (4) year material supply and license agreement (the “License Agreement”) that incorporates the Company's patented electro-optic polymer materials for use in manufacturing photonic devices (the “Licensed Product”). The licensee shall pay the Company a running royalty with a minimum royalty paid on an annual basis over the term of the License Agreement. Additional future revenue will be generated from royalties from the licensee’s sale of Licensed Product that exceed the minimum royalty payments. The License Agreement is a non-exclusive material supply and license agreement. Timing of Revenue Recognition and Contract Balances All revenues are recognized over time commencing with the License Agreement in May 2023. No 50,000 Contract balances are as follows: Schedule of contract balances September 30, 2023 December 31, 2022 Accounts receivable, net $ — $ — Short-term contract assets $ — $ — Long-term contract assets $ — $ — Short-term liability deferred revenue $ 50,000 $ — Long-term liability deferred revenue $ — $ — Assets Recognized for the Costs to Obtain a Contract There are no assets recognized for the costs to obtain the License Agreement.

LOAN RECEIVABLE

LOAN RECEIVABLE	9 Months Ended
	Sep. 30, 2023
Credit Loss [Abstract]
LOAN RECEIVABLE	NOTE 4 – LOAN RECEIVABLE On September 7, 2022, the Company entered into a convertible loan agreement (the “Loan”) with an entity and issued a loan on September 12, 2022 in the amount of EUR 600,000 7 March 31, 2023 0 11,125

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 5 – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: Schedule of prepaid expenses and other current assets September 30, 2023 December 31, 2022 Insurance $ 316,315 $ 218,767 License 79,357 94,195 Prototype devices 40,473 40,473 Lease incentive receivable 38,736 — Rent 36,525 36,525 Investor relations 33,433 18,250 Other 18,184 45,675 Legal — 83,941 Deposit for equipment — 59,850 Loan interest receivable — 13,669 Prepaid expenses and other current assets $ 563,023 $ 611,345

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 6 – PROPERTY AND EQUIPMENT Property and equipment consist of the following: Schedule of property and equipment September 30, 2023 December 31, 2022 Office equipment $ 136,734 $ 119,404 Lab equipment 7,852,126 6,234,777 Furniture 74,119 33,128 Leasehold Improvements 321,815 184,843 8,384,794 6,572,152 Less: Accumulated depreciation 4,787,683 4,052,885 $ 3,597,111 $ 2,519,267 Depreciation expense for the nine months ending September 30, 2023 and 2022 was $ 734,798 699,423 242,454 246,507 590 581 70,963

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 7 – INTANGIBLE ASSETS This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expense on patents granted, which are amortized over the remaining legal life. Maintenance patent fees are paid to a government patent authority to maintain a granted patent in force. Some countries require the payment of maintenance fees for pending patent applications. Maintenance fees paid after a patent is granted are expensed, as these are considered ongoing costs to “maintain a patent”. Maintenance fees paid prior to a patent grant date are capitalized to patent costs, as these are considered “patent application costs”. No amortization expense has been recorded on the remaining patent applications since patents on these applications have yet to be granted. Patents consist of the following: Schedule of patents September 30, 2023 December 31, 2022 Patents $ 1,821,124 $ 1,606,064 Less: Accumulated amortization 638,431 575,729 Total intangible assets $ 1,182,693 $ 1,030,335 Amortization expense for the nine months ending September 30, 2023 and 2022 was $ 62,703 58,862 24,000 15,229 no

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
Leases
LEASES	NOTE 8 – LEASES On October 30, 2017, the Company entered into a lease agreement to lease approximately 13,420 square feet of office, chemistry, clean room and research and development space located in Colorado for the Company’s principal executive offices and research and development facility. The term of the lease was sixty one ( 61 November 1, 2017 November 30, 2022 24 168,824 3 347,045 186,293 36,525 260,000 Due to the adoption of the new lease standard, the Company has capitalized the present value of the minimum lease payments commencing November 1, 2019, including the additional option period using an estimated incremental borrowing rate of 6.5 As of January 1, 2019 the operating lease right-of-use asset and operating lease liability amounted to $ 885,094 On November 22, 2022, the Company entered into an amendment to the Lease (“the Amended Lease”) to lease an additional approximately 9,684 square feet of adjacent office and warehouse space. The term of the Amended Lease is one hundred twenty ( 128 June 1, 2023 30,517 377,288 3 38,736 2,945,322 The Company has elected not to recognize right-of-use assets and lease liabilities arising from short-term leases. There are no other material operating leases. The Company is obligated under the Amended Lease for office, chemistry, clean room and research and development space. The aggregate minimum future lease payments under the Amended Lease, including the extended term are as follows: Schedule of future lease payments of operating leases YEARS ENDING DECEMBER 31, AMOUNT 2023 $ 91,550 2024 376,364 2025 387,666 2026 399,199 2027 411,174 Thereafter 2,781,183 4,447,136 Less discounted interest (1,504,345 ) TOTAL $ 2,942,791 Rent expense amounting to $ 160,660 53,553 103,796 34,599 85,104 28,368 34,599 11,533

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9 – INCOME TAXES There is no The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2023, the Company had no unrecognized tax benefits, or any tax related interest or penalties. There were no

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 10 – STOCKHOLDERS’ EQUITY Preferred Stock Pursuant to the Company’s Articles of Incorporation, the Company’s board of directors is empowered, without stockholder approval, to issue series of preferred stock with any designations, rights and preferences as they may from time to time determine. The rights and preferences of this preferred stock may be superior to the rights and preferences of the Company’s common stock; consequently, preferred stock, if issued could have dividend, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the common stock. Additionally, preferred stock, if issued, could be utilized, under special circumstances, as a method of discouraging, delaying or preventing a change in control of the Company’s business or a takeover from a third party. Common Stock Options and Warrants In January 2019, the Company signed a purchase agreement with the institutional investor to sell up to $ 25,000,000 9,500,000 350,000 258,125 812,500 6,000,000 8,000,000 22,337,500 23,773,924 772,666 1,575,509 39,834 no On July 2, 2021, the Company filed a $100,000,000 universal shelf registration statement with the U.S. Securities and Exchange Commission which became effective on July 9, 2021. On October 4, 2021, the Company entered into a purchase agreement with the institutional investor to sell up to $ 33,000,000 30,312 279,174 60,623 3,632,456 33,000,000 60,623 694,531 779,945 3,847,307 7,069 38,161 On February 28, 2023, the Company entered into a purchase agreement with an institutional investor to sell up to $ 30,000,000 50,891 279,391 101,781 1,970,455 12,216,602 41,447 290,176 175,000 1,113,500 3,777 25,302 200,000 876,250 2,972 14,221 57,362 On December 9, 2022, the Company entered into a sales agreement with an investment banking company. In accordance with the terms of this sales agreement, the Company may offer and sell shares of its common stock having an aggregate offering price of up to $ 35,000,000 3 172,115 1,378,474 42,634 97,115 734,945 22,731 Restricted Stock Awards On March 16, 2023, the Compensation Committee of the Board of Directors approved grants totaling 99,616 5.22 8,338 2,766 On August 1, 2023, the Compensation Committee of the Board of Directors approved a grant totaling 6,238 6.68 218 215 Upon the occurrence of a Change in Control, 100% of the unvested Restricted Stock shall vest as of the date of the Change in Control. Upon vesting, the restrictions on the shares lapse.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	NOTE 11 – STOCK BASED COMPENSATION During 2007, the Board of Directors of the Company adopted the 2007 Employee Stock Plan (“2007 Plan”) that was approved by the shareholders. Under the 2007 Plan, the Company is authorized to grant options to purchase up to 10,000,000 Effective June 24, 2016, the 2007 Plan was terminated. As of September 30, 2023, options to purchase 2,473,000 During 2016, the Board of Directors of the Company adopted the 2016 Plan that was approved by the shareholders at the 2016 annual meeting of shareholders on May 20, 2016. Under the 2016 Plan, the Company is authorized to grant awards of incentive and non-qualified stock options and restricted stock to purchase up to 3,000,000 shares of common stock to employees, directors and consultants. Effective May 16, 2019, the number of shares of the Company’s common stock available for issuance under the 2016 Plan was increased from 3,000,000 8,000,000 8,000,000 13,000,000 6,022,307 129,174 5,497,284 Both plans are administered by the Company’s Board of Directors or its compensation committee which determines the persons to whom awards will be granted, the number of awards to be granted, and the specific terms of each grant. Subject to the provisions regarding Ten Percent Shareholders, (as defined in the 2016 Plan), the exercise price per share of each option cannot be less than 100% of the fair market value of a share of common stock on the date of grant. Options granted under the 2016 Plan are generally exercisable for a period of 10 The Company uses the Black-Scholes no 73.7 77.2 3.37 4.27 10 As of September 30, 2023, there was $ 3,866,879 Share-based compensation was recognized as follows: Schedule of stock-based compensation plans For the Nine For the Nine Months Ending Months Ending September 30, 2023 September 30, 2022 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 5,085,114 4,288,172 2016 Equity Incentive Plan restricted stock awards 198,253 67,467 Warrants — — Total share-based compensation $ 5,283,367 $ 4,355,639 The following tables summarize all stock option and warrant activity of the Company during the nine months ended September 30, 2023: Schedule of non-qualified stock options and warrants outstanding and exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2022 8,073,173 $ 0.51 16.81 $ 1.91 Granted 1,751,667 $ 4.28 7.67 $ 5.29 Forfeited (37,125 ) $ 6.25 8.93 $ 7.13 Exercised (673,408 ) $ 0.67 5.22 $ 0.94 Outstanding, September 30, 2023 9,114,307 $ 0.51 16.81 $ 2.61 Exercisable, September 30, 2023 8,113,938 $ 0.51 16.81 $ 2.24 The aggregate intrinsic value of options and warrants outstanding and exercisable as of September 30, 2023 was $ 23,062,130 4.47 504,408 467,324 169,000 164,750 Schedule of non-qualified stock options and warrants outstanding, by exercise price range Non-Qualified Stock Options and Warrants Outstanding Range of Exercise Prices Number Outstanding Currently Exercisable at September 30, 2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Options and Warrants Currently Exercisable $ 0.51 16.81 8,113,938 5.28 $ 2.24 The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock activity during the nine month period ending September 30, 2023 is as follows: Schedule of nonvested restricted stock units activity Restricted Stock Awards Nine month period ended September 30, 2023 Weighted Average Number of Fair Value Shares per Share Non-vested, beginning of period 13,816 $ 9.65 Granted 105,854 5.31 Vested (25,367 ) 5.24 Cancelled and forfeited — — Non-vested, end of period 94,303 $ 5.96 Restricted stock awards are being amortized to expense over the vesting period. As of September 30, 2023 and 2022, the unamortized value of the restricted stock awards was $ 496,736 0

RELATED PARTY

RELATED PARTY	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY	NOTE 12 – RELATED PARTY At September 30, 2023 the Company had a legal accrual to related party of $ 99,500 10,550 7,962 26,400 60,577 18,000 13,500 4,859 3,233

RETIREMENT PLAN

RETIREMENT PLAN	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 13 – RETIREMENT PLAN The Company established a 401(k) retirement plan covering all eligible employees beginning November 15, 2013. For the nine months ending September 30, 2023 and 2022, a contribution of $ 51,413 40,585 18,554 13,498

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS During October 2023, the licensee requisitioned material under the material supply and license agreement that incorporates the Company’s patented electro-optic polymer materials for use in manufacturing photonic devices.

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Insider Trading Arrangements
Insider Trading Arrangements	Trading Arrangements Insider Trading Arrangements On July 19, 2023, Fred Leonberger, a member of our Company’s Board of Directors, adopted as defined in Item 408(c) of Regulation S-K. 49,000 terminated

NATURE OF BUSINESS AND SUMMAR_2

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Financial Statements	Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the “Company”). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Significant Accounting Policies included in the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 1, 2023 (the “2022 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the 2022 Annual Report. The interim operating results for the three and nine months ending September 30, 2023 may not be indicative of operating results expected for the full year.
Nature of Business	Nature of Business Lightwave Logic, Inc. is a technology company focused on the development of next generation photonic devices and electro-optic polymer materials systems for applications in high speed fiber-optic data communications, telecommunications and optical computing markets. The Company's first revenue stream is from a technology material supply and licensing agreement that incorporates the Company's patented electro-optic polymer materials for use in manufacturing photonic devices. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects to obtain additional revenue from material supply and licensing agreements, technology transfer agreements and the production and direct sale of its own photonic devices. The Company’s current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s technology now under development.
Revenue Recognition	Revenue Recognition In accordance with FASB ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue upon transfer of promised goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of FASB ASC 606, the Company performs the following five steps: 1. Identify the contract with the customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue as (or when) the performance obligations are satisfied. For product sales, revenue will be recognized at a point in time when the product is shipped or is delivered to the customer’s location. For services performed, revenue will be recognized at a point in time when the service is performed. However, for certain contracts, revenue will be recognized over time as the customer simultaneously receives and consumes the benefits of performance as the Company performs the service. For license agreements, each contract is reviewed to determine the portion of the revenue recognition at the point in time that the license is transferred to the customer and the portion of the revenue recognition to be recognized over time.
Stock-based Payments	Stock-based Payments The Company accounts for stock-based compensation under which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (the “2018 Update). The amendments in the 2018 Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Prior to the 2018 Update, Topic 718 applied only to share- based transactions to employees. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for forfeiture of stock-based awards as they occur.
Loss Per Share	Loss Per Share The Company follows FASB ASC 260, “Earnings per Share”, resulting in the presentation of basic and diluted earnings per share. Because the Company reported a net loss in 2023 and 2022, common stock equivalents, including stock options and warrants were anti-dilutive; therefore, the amounts reported for basic and dilutive loss per share were the same.
Comprehensive Income	Comprehensive Income The Company follows FASB ASC 220.10, “Reporting Comprehensive Income (Loss).” Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss).
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted As of September 30, 2023, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements As of September 30, 2023 and for the period then ended, there are no recently adopted accounting standards that have a material effect on the Company’s financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2022 financial statement in order to conform to the 2023 financial statement presentation.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of contract balances	Schedule of contract balances September 30, 2023 December 31, 2022 Accounts receivable, net $ — $ — Short-term contract assets $ — $ — Long-term contract assets $ — $ — Short-term liability deferred revenue $ 50,000 $ — Long-term liability deferred revenue $ — $ —

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of prepaid expenses and other current assets	Schedule of prepaid expenses and other current assets September 30, 2023 December 31, 2022 Insurance $ 316,315 $ 218,767 License 79,357 94,195 Prototype devices 40,473 40,473 Lease incentive receivable 38,736 — Rent 36,525 36,525 Investor relations 33,433 18,250 Other 18,184 45,675 Legal — 83,941 Deposit for equipment — 59,850 Loan interest receivable — 13,669 Prepaid expenses and other current assets $ 563,023 $ 611,345

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Schedule of property and equipment September 30, 2023 December 31, 2022 Office equipment $ 136,734 $ 119,404 Lab equipment 7,852,126 6,234,777 Furniture 74,119 33,128 Leasehold Improvements 321,815 184,843 8,384,794 6,572,152 Less: Accumulated depreciation 4,787,683 4,052,885 $ 3,597,111 $ 2,519,267

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of patents	Schedule of patents September 30, 2023 December 31, 2022 Patents $ 1,821,124 $ 1,606,064 Less: Accumulated amortization 638,431 575,729 Total intangible assets $ 1,182,693 $ 1,030,335

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
Leases
Schedule of future lease payments of operating leases	Schedule of future lease payments of operating leases YEARS ENDING DECEMBER 31, AMOUNT 2023 $ 91,550 2024 376,364 2025 387,666 2026 399,199 2027 411,174 Thereafter 2,781,183 4,447,136 Less discounted interest (1,504,345 ) TOTAL $ 2,942,791

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation plans	Schedule of stock-based compensation plans For the Nine For the Nine Months Ending Months Ending September 30, 2023 September 30, 2022 2007 Employee Stock Option Plan $ — $ — 2016 Equity Incentive Plan 5,085,114 4,288,172 2016 Equity Incentive Plan restricted stock awards 198,253 67,467 Warrants — — Total share-based compensation $ 5,283,367 $ 4,355,639
Schedule of non-qualified stock options and warrants outstanding and exercisable	Schedule of non-qualified stock options and warrants outstanding and exercisable Number of Exercise Weighted Average Shares Price Exercise Price Outstanding, December 31, 2022 8,073,173 $ 0.51 16.81 $ 1.91 Granted 1,751,667 $ 4.28 7.67 $ 5.29 Forfeited (37,125 ) $ 6.25 8.93 $ 7.13 Exercised (673,408 ) $ 0.67 5.22 $ 0.94 Outstanding, September 30, 2023 9,114,307 $ 0.51 16.81 $ 2.61 Exercisable, September 30, 2023 8,113,938 $ 0.51 16.81 $ 2.24
Schedule of non-qualified stock options and warrants outstanding, by exercise price range	Schedule of non-qualified stock options and warrants outstanding, by exercise price range Non-Qualified Stock Options and Warrants Outstanding Range of Exercise Prices Number Outstanding Currently Exercisable at September 30, 2023 Weighted Average Remaining Contractual Life Weighted Average Exercise Price of Options and Warrants Currently Exercisable $ 0.51 16.81 8,113,938 5.28 $ 2.24
Schedule of nonvested restricted stock units activity	Schedule of nonvested restricted stock units activity Restricted Stock Awards Nine month period ended September 30, 2023 Weighted Average Number of Fair Value Shares per Share Non-vested, beginning of period 13,816 $ 9.65 Granted 105,854 5.31 Vested (25,367 ) 5.24 Cancelled and forfeited — — Non-vested, end of period 94,303 $ 5.96

MANAGEMENT_S PLANS (Details Nar

MANAGEMENT’S PLANS (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
	Dec. 09, 2022	Nov. 30, 2023	Sep. 30, 2023	Feb. 28, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Expected expenditures per month			$ 1,750,000
Purchase Agreement [Member] | Forecast [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Purchase agreement amount received		$ 876,250
Agreement to sell invest common stock value remaining amount available		16,907,148
Sales Agreement [Member] | Forecast [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Agreement to sell invest common stock value remaining amount available		$ 33,578,860
Institutional Investor [Member] | Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Agreement to sell invest common stock value upper limit instutional investor				$ 30,000,000
Institutional Investor [Member] | Sales Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Aggregate offering price	$ 35,000,000

REVENUE (Details - Contract bal

REVENUE (Details - Contract balances) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable, net
Short-term contract assets
Long-term contract assets
Short-term liability deferred revenue	50,000
Long-term liability deferred revenue

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	$ 0	$ 0
License paid		$ 50,000

LOAN RECEIVABLE (Details Narrat

LOAN RECEIVABLE (Details Narrative) - Convertible Loan Agreement [Member]		3 Months Ended	9 Months Ended
	Sep. 12, 2022 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Principal amount | €	€ 600,000
Interest rate	7%
Maturity date	Mar. 31, 2023
Interest income | $		$ 0	$ 11,125

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details - Prepaid expenses and other current assets) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance	$ 316,315	$ 218,767
License	79,357	94,195
Prototype devices	40,473	40,473
Lease incentive receivable	38,736
Rent	36,525	36,525
Investor relations	33,433	18,250
Other	18,184	45,675
Legal		83,941
Deposit for equipment		59,850
Loan interest receivable		13,669
Prepaid expenses and other current assets	$ 563,023	$ 611,345

PROPERTY AND EQUIPMENT (Propert

PROPERTY AND EQUIPMENT (Property and equipment) (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 8,384,794	$ 6,572,152
Less: Accumulated depreciation	4,787,683	4,052,885
Property and equipment net	3,597,111	2,519,267
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	136,734	119,404
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	7,852,126	6,234,777
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	74,119	33,128
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 321,815	$ 184,843

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 242,454	$ 246,507	$ 734,798	$ 699,423
Retire property and equipment			590
Loss on sale of property and equipment			$ 581
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Retire property and equipment		$ 70,963		$ 70,963

INTANGIBLE ASSETS (Details - Pa

INTANGIBLE ASSETS (Details - Patents) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 1,821,124	$ 1,606,064
Less: Accumulated amortization	638,431	575,729
Total intangible assets	$ 1,182,693	$ 1,030,335

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 24,000	$ 15,229	$ 62,703	$ 58,862
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Patent costs written off	$ 0	$ 0	$ 0	$ 0

LEASES (Details - Future lease

LEASES (Details - Future lease payments)	Sep. 30, 2023 USD ($)
Leases
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 91,550
2024	376,364
2025	387,666
2026	399,199
2027	411,174
Thereafter	2,781,183
Lessee operating lease liability to be paid	4,447,136
Less discounted interest	(1,504,345)
Total	$ 2,942,791

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)

3 Months Ended

9 Months Ended

Nov. 22, 2022

Nov. 01, 2019

Nov. 01, 2017

Oct. 30, 2017

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Jun. 01, 2023

Dec. 31, 2022

Jan. 31, 2022

Jan. 02, 2019

Lease term of contract

128 months

61 months

Lease term beginning

Nov. 01, 2017

Lease term

Jun. 01, 2023

Nov. 30, 2022

Extended lease term

24 months

Amended lease term

$ 377,288

$ 168,824

Percentage of rent increase annual base rent

3%

3%

Prepaid Rents

$ 347,045

Proportionate share of operating expenses

186,293

Security deposit

$ 36,525

Consideration received

$ 260,000

Percentage of estimated incremental borrowing rate

6.50%

Operating lease right of use asset

$ 2,884,544

$ 2,884,544

$ 2,945,322

$ 358,254

$ 885,094

Base rent

$ 30,517

Lease allowance

$ 38,736

Research and Development Expense [Member]

Rent expense

85,104

$ 34,599

160,660

$ 103,796

General and Administrative Expense [Member]

Rent expense

$ 28,368

$ 11,533

$ 53,553

$ 34,599

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0	$ 0
Unrecognized tax benefits	$ 0

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)							1 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended		24 Months Ended	45 Months Ended
	Nov. 30, 2023	Aug. 01, 2023	Mar. 16, 2023	Feb. 28, 2023	Dec. 09, 2022	Oct. 04, 2021	Jan. 31, 2019	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 20, 2020	Feb. 04, 2020	Feb. 13, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of value issued								$ 25,302	$ 73,170		$ 607,728	$ 181,027
Sales Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Sale of Stock, Number of Shares Issued in Transaction								97,115			172,115
Payments for Commissions								$ 734,945			$ 1,378,474
Investment Banking Revenue								$ 22,731			$ 42,634
Restricted Stock Units (RSUs) [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Option granted		6,238	99,616
Grant date fair value		$ 6.68	$ 5.22
Restricted Stock Units (RSUs) [Member] | Two Thousand Sixteen Equity Incentive Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Vested due next twelve months		218	8,338
Remaining vested due next twelve months		215	2,766
Institutional Investor [Member] | Sales Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
[custom:AggregateOfferingPrice]					$ 35,000,000
[custom:AgreementCommisionRate]					3%
Institutional Investor [Member] | Two Thousand Nineteen Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Agreement with an institutional investor to sell common stock and investor							$ 25,000,000
Registering shares of common stock															8,000,000	6,000,000	9,500,000
Common stock issued to institutional investor as commitment fee, shares							350,000
Common stock issued to institutional investor as commitment fee							$ 258,125
Common stock reserved for additional commitment fees to the institutional investor							812,500							39,834
Number of shares issued								0			0			22,337,500
Number of value issued														$ 23,773,924
Additional shares issued														772,666
Additional shares issued amount														$ 1,575,509
Institutional Investor [Member] | Two Thousand Twenty One Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor						60,623
Number of shares issued											779,945		3,632,456
Number of value issued											$ 3,847,307		$ 33,000,000
Additional shares issued						30,312					7,069		60,623
Additional shares issued amount						$ 279,174
Agreement to sell invest common stock value upper limit instutional investor						$ 33,000,000
Additional value issued amount											$ 38,161		$ 694,531
Institutional Investor [Member] | Two Thousand Twenty Three Purchase Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor				101,781
Number of shares issued								175,000		1,970,455
Number of value issued								$ 1,113,500		$ 12,216,602
Additional shares issued				50,891				3,777		41,447
Additional shares issued amount				$ 279,391				$ 25,302		$ 290,176
Agreement to sell invest common stock value upper limit instutional investor				$ 30,000,000
Institutional Investor [Member] | Two Thousand Twenty Three Purchase Agreement [Member] | Forecast [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock reserved for additional commitment fees to the institutional investor	57,362
Number of shares issued	200,000
Number of value issued	$ 876,250
Additional shares issued	2,972
Additional shares issued amount	$ 14,221

STOCK BASED COMPENSATION (Stock

STOCK BASED COMPENSATION (Stock based compensation plans) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	$ 5,283,367	$ 4,355,639
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation
Twenty Sixteen Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	5,085,114	4,288,172
Twenty Sixteen Equity Incentive Plan Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation	198,253	67,467
Warrants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation

STOCK BASED COMPENSATION (Sto_2

STOCK BASED COMPENSATION (Stock option and warrant outstanding and exercisable) (Details) - Non Qualified Stock Options And Warrants [Member] - $ / shares	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares outstanding, beginning balance	8,073,173
Exercise price beginning balance, minimum	$ 0.51
Exercise price beginning balance, maximum	16.81
Weighted average exercise price beginning balance	$ 1.91
Number of shares, granted	1,751,667
Exercise price granted, minimum	$ 4.28
Exercise price granted, maximum	7.67
Weighted average exercise price granted	$ 5.29
Number of shares, expired	(37,125)
Exercise price expired, minimum	$ 6.25
Exercise price expired, maximum	8.93
Weighted average exercise price, expired	$ 7.13
Number of shares, exercised	(673,408)
Exercise price exercised,minimum	$ 0.67
Exercise price exercised, maximum	5.22
Weighted average exercise price, exercised	$ 0.94
Number of shares outstanding, ending balance	9,114,307
Exercise price ending balance, minimum	$ 0.51
Exercise price ending balance, maximum	16.81
Weighted average exercise price, ending balance	$ 2.61
Number of shares, exercisable	8,113,938
Exercise price exercisable, minimum	$ 0.51
Exercise price exercisable, maximum	16.81
Weighted average exercise price, exercisable	$ 2.24

STOCK BASED COMPENSATION (Summa

STOCK BASED COMPENSATION (Summary of Stock Option and Warrant Outstanding) (Details) - Non Qualified Stock Options And Warrants [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise prices, minimum	$ 0.51
Exercise prices, maximum	16.81
Exercise Price Range One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise prices, minimum	0.51
Exercise prices, maximum	$ 16.81
Number outstanding currently exercisable | shares	8,113,938
Weighted average remaining contractual life	5 years 3 months 10 days
Weighted average exercise price of options and warrants currently exercisable	$ 2.24

STOCK BASED COMPENSATION (Restr

STOCK BASED COMPENSATION (Restricted Stock activity) (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares non vested outstanding, beginning balance | shares	13,816
Weighted average fair value per share, beginning balance | $ / shares	$ 9.65
Number of shares, granted | shares	105,854
Weighted average fair value per share, granted | $ / shares	$ 5.31
Number of shares, vested | shares	(25,367)
Weighted average fair value per share, vested | $ / shares	$ 5.24
Number of shares, cancelled and forfeited | shares
Weighted average fair value per share, cancelled and forfeited | $ / shares
Number of shares non vested outstanding, ending balance | shares	94,303
Weighted average fair value per share, ending balance | $ / shares	$ 5.96

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	May 25, 2023	Sep. 30, 2022	May 16, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock remaining for grants	5,497,284
Pricing model used in calculation of grant-date fair value	Black-Scholes
Expected dividend yield	0%
Expected option life	10 years
Unrecognized compensation expense related to non-vested market-based share awards	$ 3,866,879
Aggregate intrinsic value of options and warrants outstanding and exercisable	$ 23,062,130
Closing stock price of common stock	$ 4.47
Options exercised	504,408
Proceeds from options exercised	$ 467,324
Warrants exercised	169,000
Proceed from warrants exercised	$ 164,750
Unamortized value	$ 496,736		$ 0
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	73.70%
Risk-free interest rate	3.37%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	77.20%
Risk-free interest rate	4.27%
Two Thousands Seven Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized under plan	10,000,000
Number of common shares available to be purchased through options issued and outstanding	2,473,000
Two Thousands Sixteen Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares available to be purchased through options issued and outstanding	6,022,307
Common stock remaining for grants	129,174
Exercisable period	10 years
Two Thousands Sixteen Plan [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized under plan		8,000,000		3,000,000
Two Thousands Sixteen Plan [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized under plan		13,000,000		8,000,000

RELATED PARTY (Details Narrativ

RELATED PARTY (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2023
Related Party [Member]
Related Party Transaction [Line Items]
Legal accrual to related party	$ 60,577	$ 99,500
Accounting service fee accrual	3,233	7,962
Officer [Member]
Related Party Transaction [Line Items]
Travel and office expense accruals	4,859	10,550
Director [Member]
Related Party Transaction [Line Items]
Director committee fees	13,500	$ 26,400
Advisory Board [Member]
Related Party Transaction [Line Items]
Fees and consulting expense	$ 18,000

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Expenses related to contribution to retirement plan	$ 18,554	$ 13,498	$ 51,413	$ 40,585

Insider Trading Arrangements (D

Insider Trading Arrangements (Details Narrative)	3 Months Ended
	Sep. 30, 2023 shares
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Fred Leonberger [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Aggregate Available	49,000